Bitcoin Rollercoaster: to $59K and Back Above $62,000, What’s Next? This Week’s Recap

3 weeks ago 29

The cryptocurrency market has gone through considerable turbulence over the past seven days. Ultimately, though, the buyers were able to maintain their presence and pushed off the attempts to drag prices to a lot lower levels. At the time of this writing, the total market capitalization stands at around $2.17 trillion, which is more or less where it was this time last week.

Starting with Bitcoin, its price is currently hovering at slightly more than $62,000 – this is pretty much where it was trading last week. In fact, the cryptocurrency charts a marginal increase of 0.5%.

But this is far from showing the full picture. Toward the middle of the week, BTC bulls attempted to break above $64,000, but the sellers were not having it. Less than two days later, on Thursday, BTC tumbled below $59,000, triggering a considerable number of liquidations in the derivatives market. In fact, more than $250 million worth of leveraged positions were wiped off, the majority of which were long.

Hopefully, the bulls were able to recoup and were quick to push the price back above $60,000 and, ultimately, above $62,000 where it’s currently found.

The situation is more or less similar throughout the rest of the market, and altcoins are also charting small gains in the range between 0.5% and 2%. In fact, BNB is this week’s best performer (from the top 10), increasing by 3%.

The market turbulence was perhaps caused by the recently released CPI numbers. The Bureau of Labor Statistics in the US releases the numbers for the Consumer Price Index once a month, and they are usually used to gauge inflation in the country. This time, they came in higher than experts were expecting. Traders interpreted the information as a reduced probability of another interest rate cut in November, which is considered to be bad for risk-on assets such as Bitcoin.

In what seems to be perceived as a bullish announcement, Mt. Gox has pushed the repayment deadline for 2025, which means that the potential of selling pressure over the market is delayed.

In any case, it’s interesting to see if the expected positivity in October will come through, or if Q4 will be off to a bad start.

Market Data

Market Cap: $2.17T | 24H Vol: $93B | BTC Dominance: 54%

BTC: $62,337 (+0.5%) | ETH: $2,447 (+1.3%) | BNB: $572 (+3.6%)

This Week’s Crypto Headlines You Can’t-Miss

Peter Todd Denies Being Satoshi Following HBO Film Claims. The much-expected HBO documentary which promised to uncover the identity of Satoshi Nakamoto presented Peter Todd as a the most likely person. The community reacted with criticism while Todd was quick to dismiss the claims.

Looming Bitcoin Crash? Peter Brandt Sounds the Alarm on Potential 75% BTC Price Drop. The veteran trader Peter Brandt recently sounded the alarm of a potential crash in BTC’s price to the tune of 75%. However, he expressed confidence in Bitcoin’s long-term trajectory.

Bitcoin Price Reacts to Higher-Than-Expected US CPI Numbers for September. The Consumer Price Index numbers for September were higher than expected, signaling that inflation in the US is on the rise. This caused Bitcoin’s price to drop because traders are worried that the Fed might not cut rates in November.

Is China About to Dump $1.3B in ETH From PlusToken Seizure? The Chinese government may be about to unload a large batch of seized Ethereum, according to several on-chain sleuths. The tokens are proceeds of the seizure during the investigation of the PlusToken fiasco.

South Korea to Tighten Stablecoin Regulations With New Forex Rules. South Korea’s Ministry of Strategy and Finance announced on October 8 that it is reviewing measures to regulate stablecoins more strictly.

Coinbase Enables Bitcoin Transactions to Taproot Addresses. Coinbase has announced a significant update for its users, enabling them to send Bitcoin to Taproot addresses on October 8th.